Hedge fund Point72 Asset Management, led by Steve Cohen, has recruited Ryan Sheffler from Castleton Commodities International to lead an investment team focused on natural gas, according to a report by Reuters citing unnamed sources familiar with the matter.

Point72, which has historically focused on equities, is pushing into commodities trading after rivals such as Citadel and Millennium Management captured significant profits amid recent volatility in energy markets following geopolitical events since 2022.

Sheffler, who spent 14 years at Castleton as a cross-commodities trader, will operate from Point72’s Stamford, Connecticut base. He began his career at Goldman Sachs in 2007 as a power trader.

The firm, which manages approximately $45.7bn in assets as of January, is reportedly considering additional hires and plans to establish a Houston office to support its growing commodities business.